Singapore Airlines (SIA) has said its fourth quarter net profit soared more than six-fold as the global economic rebound boosted travel and cargo demand. Net profit in the three months to March was S$278 million (US$197.5 million), up from $42 million in the same quarter the year before, the company said in a statement. Together with the $404 million net profit in the third quarter, the fourth quarter earnings reversed $466 million in losses recorded in the financial first half. The … [Read more...] about SINGAPORE: Singapore Airlines’ Q4 net profit up six-fold

Singapore and the Philippines have agreed to further expand the bilateral air services agreement between both countries. Singapore’s Transport Ministry says under the expanded bilateral air services agreement, Singapore carriers will be able to fly up to another 14 weekly services to and from Manila, with the same entitlements for Philippine carriers. In addition, carriers of both countries will have greater access to and from other Philippine cities. … [Read more...] about SINGAPORE: Singapore, Philippines expand air bilaterals

China’s state media agency, Xinhua reported that China, Japan and South Korea have started researching the feasibility of a free trade area (FTA) among the three Northeast Asian countries. Representatives from China, Japan and South Korea met to discuss a possible trilateral free trade agreement, which will involve government officials, industrialists and academics. The countries will aim to complete their research by 2012. Research institutions within the three countries have … [Read more...] about CHINA: China, Japan and Korea study FTA

China Southern resumed the twice weekly scheduled air service from Moscow’s Sheremetyevo International Airport to Urumqi which will be upgraded to four times a week from 1 June. The service will use Boeing 737s and Boeing 757s. … [Read more...] about CHINA: China Southern resumes Moscow service

Commerce ministry spokesman Yao Jian stated that China’s trade surplus will fall steeply as the renminbi rises against foreign currencies, reported state media. Surpluses narrowed in the first quarter of 2010, with China declaring a US$7.24 billion trade deficit in March. China’s trade surplus in April decreased 87 per cent from a year earlier, and the national surplus could nearly halve this year. China’s largest trading partner for the first quarter was the … [Read more...] about CHINA: China’s 2010 trade surplus expected to fall sharply

The Chinese government is aiming to have one key domestic carrier among the top five global cargo players within three years. China’s central government has intensified its pressure on Air China, China Eastern Airlines and China Southern Airlines to merge their cargo operations to compete with foreign carriers who dominate the market, the South China Morning Post reported, citing sources close to the matter. The news comes after Payload Asia reported last month on an air cargo … [Read more...] about CHINA: China to merge air cargo carriers: Sources